As expected, OPEC has decided to keep output production level unchanged at 30 million barrels a day for the next 6 months, Saudi Arabia’s Oil Minister Ali al-Naimi announced on Friday following OPEC’s meeting in Vienna. The high output would most likely continue to hinder chances of oil price increase as oversupply looms. OPEC’s next meeting is set for December 4th, 2015.

Following the news both West Texas Intermediate and Brent oil prices rose about 0.5%. While oil prices have rebounded after falling down to $45/barrel in January, keeping the current production level the same for the next 6 months will continue to hurt the US shale oil industry which is showing no signs of slowing production as well.

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Iran is planning to re-enter the market and increase export levels. Iranian Oil Minister, Bijan Namdar Zanganeh, told reporters that he did not think oil prices would fall when his country’s oil re-enters the market. He said that Iran could produce around half a million barrels per day for the next month or two, and increase production to 1 million barrels of oil per day in the next 6 months. This could potentially have a huge impact on oil prices as Iran already has a lot of oil in storage ready to be released into the market.

Iran was forced to limit its oil production due to international sanctions levied on the country because of its nuclear enrichment program. These sanctions will likely be lifted.